Republican Presidential candidate Mitt Romney published an op-ed in the Detroit News calling the auto bailout “crony capitalism on a grand scale.” Boasting of his Michigan roots, Romney takes the Obama administration and the UAW to task for what he suggests is a symbiotic relationship between the two that allowed the union to get stakes in GM and Chrysler. In short, nothing new from the man who is running an election that is a referendum on Obama’s presidency.
Readers of TTAC will recognize that Romney’s explanation of the bailout and his own suggests are a sort of “For Dummies” executive summary of what went on, and his suggestions for improvement, like the feel good rhetoric about the resurgence of the Motor City are nothing we haven’t heard before. Buried towards the end is the one major piece of the article, with Romney suggesting
The shares [in General Motors belonging to the Treasury] need to be sold in a responsible fashion and the proceeds turned over to the nation’s taxpayers